7511 Lafayette RdLodi, OH 44254

Property Details for 7511 Lafayette Rd

Year built

1948

Construction

WOOD

Lot size

1.59 AC

Property size (Sq ft)

2,600 SF

Property type

Turn key restaurants

APN

020-10C-31-013

APU

02010C31013

Description

This exceptional mixed-use property in Lodi, Ohio, presents a unique investment opportunity. Located on a spacious 1.59-acre lot at 7511 Lafayette Rd, this 4,320 square foot building boasts a fully equipped restaurant and a 2-bedroom, 1-bathroom apartment. Previously operated as a restaurant from 2016-2022, the commercial space includes all contents: two walk-in coolers, a full bar, kitchen equipment, seating, and patio furniture. Significant recent upgrades enhance its appeal: a new gas line (2022), new furnace and electrical system (2022) for the restaurant, and a new commercial septic system (2022). Further improvements include newer windows, siding, roof, and well (2016-2019). The property is handicap accessible and zoned for restaurant/bar use. The asking price is $189,900, translating to $43.96 per square foot. With ample parking for 50 vehicles, this Class C building, constructed in 1948 and renovated in 2016, offers significant potential for a variety of uses. The property is being sold "as is." This is a rare chance to acquire a turn-key operation with substantial recent investments in a desirable Medina County location. The property is currently vacant.

• CAP approach

  CAP return

  Valuation

  6%

  $580,930

  6.5%

  $536,244

  7%

  $497,940

• Comparable approach

  Method

  Valuation

  Relative Method

  $252,932

  Geo Method

  $252,932

• Alternative Use

  Use

  Valuation

  Industrial / Distribution

  $1,062,600

  Mixed-Use / Specialty

  $527,515

  Hospitality / Lodging

  $378,147

  Office

  $517,282

  Institutional / Educational

  $545,967

  Residential Income

  $638,782

  Multifamily

  $803,909

  Automotive / Energy

  $467,972

  Parking / Income-Based Land

  $168,226

  Restaurant / Food Service

  $259,817

  Healthcare / Senior Housing

  $547,947

Location Insight

City

Lodi

County

Medina

State

Ohio

Latitude

41.068

Longitude

-81.9672

CBSA code

17460

CBSA name

CLEVELAND-ELYRIA-MENTOR, OH METROPOLITAN STATISTICAL AREA

Property Tax & Assessments

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